bitcoin bearish trend continuesThe Bitcoin bullish rally is being awaited unless there is a strong bullish candlestick in the charts that help Bitcoin close above $3,726 in accord to its resistance value. The BTC prices continue to range on the long-term movement outlook. As the sideways price movement of BTC continues due to the falling in the range of $3,726 resistance value and $3,094 support value.
According to last week’s predictions, there have not been many significant movements in the BTC market. Although, it did have a slight push towards the bearish bound of the range in which the bears were unable to break out. But neither did the bulls break out upwards. The 21 and 51 days EMAs confirm the domination of the bears upon the prices of Bitcoin.
According to the Stochastic Oscillators’ indication, its period 14 is at below 20 levels with lines connected. This suggests that BTC’s price may firm up during the next few trading sessions. Since the BTC market has remained linear in movement the investors may want to wait before taking a position. The bullish rally awaits a strong bullish candle that breaks the resistance value of $3.726.
The 21-day EMA and 50-day EMA and the rest of the two EMAs indicate a quite prominent separation. The Stochastic Oscillator’s period 14 is now at level 60 with signals positioned at the south. The breakout below the support level of $3,094 is further declining towards $2,261 – $1,500 in the price level. Yet again, the BTC is still under bears pressure.
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